Kodiak Gas Services, Inc. (KGS) Form 8-K — Aug 6, 2026
Kodiak Gas Services reported record second quarter 2026 results, with total revenues of $391.1 million and record adjusted EBITDA of $216.8 million, up 21.7% year over year. Net income attributable to common shareholders was $52.0 million, or $0.53 per diluted share, with adjusted net income of $54.3 million, or $0.55 per adjusted diluted share. The company raised its full year 2026 guidance, increasing adjusted EBITDA guidance to $830 million to $860 million and discretionary cash flow guidance to $570 million to $600 million. Compression Infrastructure segment revenue hit a record $315.1 million with fleet utilization of 98.2%, up 100 basis points versus the year-ago quarter.
Key figures
- Eps
- 0.53
- Revenue
- 391120000
- Guidance
- Raised FY2026 Adjusted EBITDA guidance to $830M-$860M and discretionary cash flow guidance to $570M-$600M; Power Infrastructure growth capex midpoint reduced
- Net Income
- 51971000
- Total Debt
- 2800000000
- Total Assets
- 5500629000
- Cash Position
- 137553000
- Free Cash Flow
- -$87496000
- Turbine Order
- 1 GW of gas turbines to be delivered by 2030
- Leverage Ratio
- 3.2x (3.1x net of cash)
- Adjusted EBITDA
- $216.8 million, +21.7% vs Q2 2025 (record)
- Total Liquidity
- $1.7 billion including $1.6 billion ABL availability
- Equipment Buyout
- ~43,000 hp leased compression purchased for ~$32.8 million in July 2026
- Adjusted Net Income
- $54.3 million
- Operating Cash Flow
- $99.5 million
- Adjusted Diluted EPS
- 0.55
- Dps Acquisition Close
- April 1, 2026 ($576.0 million net of cash acquired per cash flow statement)
- Other Services Revenue
- $43.1 million, +47.1% YoY
- Discretionary Cash Flow
- $163.3 million, +40.2% vs Q2 2025 (record)
- May2026 Equity Offering
- 10.6M shares at $71.00 plus full 1.6M greenshoe, ~$836.1M net proceeds
- Power Fleet Utilization
- 89.6%
- Q2 Growth And Other Capex
- $254.9 million
- Power Infrastructure Revenue
- $32.9 million (first full quarter post-DPS)
- Compression Fleet Utilization
- 98.2% (+100 bps YoY)
- Compression Infrastructure Revenue
- $315.1 million (record, +7.4% YoY)
Price after filing
Close on the filing date to close N calendar days later (from $59.54). Historical, not a forecast.
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